Credit Union SA has strengthened its fast-growing reputation as a popular alternative to the big banks, and reinforced the organisation’s role in the South Australian community, by breaking through the $1 billion in assets.

Credit Union SA CEO, Mr Grant Strawbridge, said the major milestone shows the appeal of the customer-owned approach to banking and was the culmination of initiatives put in place to grow member numbers and position the local financial services provider as an attractive banking option for South Australians.

“Since it was first established nearly 60 years ago, Credit Union SA has grown to become a proud and trusted South Australian organisation that is owned by its nearly 50,000 members who we help to do more with their money through our range of banking products and services,” Mr Strawbridge said.

“As an employer of more than 150 South Australian’s, Credit Union SA continues to be a significant contributor to the local economy and we are proud of our standing within the South Australian business community - and to reach more than $1 billion in assets reflects our role and responsibility in the development of our state.

“In the past year alone we have responded to the challenge of housing affordability by giving more than $1million to South Australian First Home Buyers to help them find a place to call their own. Our innovative School Community Rewards program provides ongoing fundraising support to a growing number of South Australian schools and their communities, contributing more than $100,000 to date with its shared-value approach to banking.

“As an organisation we seek to collaborate with the community to build a brighter future for all South Australians, and this is also demonstrated by our long standing support of the professional development of educators and teachers in South Australia, and includes our major sponsorship of the DECD Public Education Awards.

“We are also very proud of the 21-year anniversary as a naming rights sponsor of the Credit Union Christmas Pageant, as well as our partnership with St John’s Youth Services, who help disadvantaged young people in the city of Adelaide.

“Credit Union SA prides itself on doing its bit to build South Australia’s strong community spirit, and we are extremely proud that becoming a billion-dollar organisation allows us to demonstrate the value of our organisation for our members but also our important role supporting the prosperity of the broader South Australian economy”, he said.